Islamic Wealth Management
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Islamic Wealth Management

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, all to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion.
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Chapter 3: Wealth management, its definition, purpose, structure and practices

Mohamed Ariff

Abstract

This chapter introduces the reader to a brief description of modern finance ideas as regards wealth management. As at 2016, the total wealth under management as securities is about US$44 trillion managed by some 13,000 management companies. Humanity has accumulated wealth aster in the last century than at any time in history. Most of the wealth – almost three quarters of them - is concentrated in the industrialized countries. How the wealth is managed by advanced IT-based mathematical models is explained in this chapter. None of these methods are excluded if one were to adopt Islamic concept of wealth, which idea leans in ways to make the choices of wealth creation, and management on the basis of moral sentiments of the community in which wealth should be accumulated to benefit the community.

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